Technically speaking, Professional Indemnity Insurance or PI Insurance will protect you against the cost of defending claims where it is alleged that a client has suffered financial loss as a result of your error, omission or negligence. Basically, the cover acts as a safety net, covering the costs and troubles of a potential claim made against you as a result of any mistakes you make in the workplace. This is an essential policy for contractors as contracting can be regarded as a high risk occupation, leading to increasing possibilities for professional error. PI insurance basically protects a contractor’s professional indemnity, giving a freelancer not only great and vital protection, but also that well needed peace of mind in such a stressful and sometimes pressurising line of work.

The cover can be purchased annually and is found at the Qdos shop for only £147.00. It is a policy that is often compulsory with many contracts and aids in clinching a contractors IR35 status, again adding value to an already vastly sought after policy.

Keeping on top of your insurances is always a pain, but by understanding your policy and trusting your insurance providers, PI Insurance can be one less worry for a budding contractor.

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Qdos Contractor is a trading style of Qdos Broker & Underwriting Services Ltd, a registered company in England and Wales with registered company number 06012716 and registered offices at Unit D, Troon Way Business Centre, Leicester, LE4 9HA.